Cyber insurance uptake booms

Japanese insurers said that the number of cyber insurance policies taken out by local businesses have increased, with Mitsui Sumitomo Insurance Co. Ltd. reporting a growth of 250% in the fiscal year ended March 30, The Japan News reported. Tokio Marine & Nichido Fire Insurance Co. Ltd. said that the number of cyber insurance policies nearly tripled. Sompo Japan Nipponkoa Insurance Inc. said that it posted a growth of 350% in terms of cyber insurance premiums paid.